Shares of Citigroup jumped 3.10% to $79.22 on Tuesday before the bell after the bank reported earnings that beat Wall Street expectations.

The bank posted adjusted earnings of $1.28 a share, above analysts' expectations of $1.19 a share. Yet the financial institution booked a one-time, non-cash charge of $22 billion, or $8.43 per share, due to the tax law.

Wall Street is anticipating a somewhat turbulent quarter as a result of the tax law. Many banks are expected to book short-term losses because of repatriated cash and deferred tax assets that declined in value.